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OIL: Goldman Maintains $70-85/bbl Brent Forecast

OIL
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The geopolitical risk premium remains limited which is keeping pressure on oil prices according to Golman Sachs in its client note on Sunday. 

  • Goldman maintains its forecast of three months of OPEC+ production increases starting in December, its $70-85/bbl Brent range and its December 2024 forecast of $74/bbl.
  • The bank states that Brent could fall to the low $60’s by December 2025 if OPEC fully reverses the extra voluntary cuts through November 22025.
  • Goldman see’s limited upside risk to its forecast that China oil demand rises by 0.2mb/d in 2025.
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The geopolitical risk premium remains limited which is keeping pressure on oil prices according to Golman Sachs in its client note on Sunday. 

  • Goldman maintains its forecast of three months of OPEC+ production increases starting in December, its $70-85/bbl Brent range and its December 2024 forecast of $74/bbl.
  • The bank states that Brent could fall to the low $60’s by December 2025 if OPEC fully reverses the extra voluntary cuts through November 22025.
  • Goldman see’s limited upside risk to its forecast that China oil demand rises by 0.2mb/d in 2025.